Prices Down, Volume Up: A Snapshot of the DC Market in October

by Mark Wellborn


Not to be confused with the widely reported National Association of Realtors housing data that was released this morning, DC home sales guru Keith Gibbons has done a quick roundup of the just-released MRIS sales data for the DC area. Keith will no doubt be putting together a comprehensive report of this data on his site dchousingprices.com, but these tidbits give you a pretty good idea of what is going on in the market.

  • The average sales price for a home on the market in the District is down 16.76% over a year ago. In October 2009, the average sold price was $465,180; in October 2008 it was $558,816.
  • Sales volume is up…a lot – Unit sales volume is up almost 41% in DC since last October; Condo unit sales are up 33.8% and home sales are up 45.9%.
  • Perhaps the most interesting data from the latest report is that the inventory of condos increased slightly from September to about a six-month supply and the inventory of available homes actually decreased slightly to 5.27 months. From what we have been hearing, there is supposed to be a condo shortage coming, not a single-family home shortage. Perhaps both are on the way.

This article originally published at http://dc.urbanturf.com/articles/blog/prices_down_volume_up_a_snapshot_of_the_dc_market_in_october/1501


  1. jg, said at 2:47 am on Wednesday November 11, 2009:

    Well as the say the devil is always in the details, are you really quoting average prices vs median prices??

    most of us dont like to think of ourselves as average, tnus we don’t pay much attention to “average” prices, rather we are interested in what is happening in our neighborhood.

    a lot of ugly wart and hidden gems are buried in “average” prices, n’est-ce pas?


  1. Jennifer said at 11:53 am on Wednesday November 11, 2009:

    Anyone that thinks now is not a good time to buy is nuts. These stats only reinforce that prices are lower than ever and that people are taking advantage of that.

  1. Concentrist said at 3:27 pm on Wednesday November 11, 2009:

    The 8,000 tax credit and the Fed purchasing of residential mortgages to keep mortgage rates low is creating an high artifical floor in the housing market.  We will not see real market prices until these government policies propping up the residential market end.  That 8,000 tax credit won’t seems so great once prices are allowed to decline to where the real market dictates they should be.      I

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